Bank of Montreal Can Lowers Stake in Ameris Bancorp (NASDAQ:ABCB)

Bank of Montreal Can lowered its stake in Ameris Bancorp (NASDAQ:ABCB - Free Report) by 74.2% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 12,175 shares of the bank's stock after selling 34,977 shares during the period. Bank of Montreal Can's holdings in Ameris Bancorp were worth $762,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the stock. Principal Financial Group Inc. grew its stake in Ameris Bancorp by 4.6% in the third quarter. Principal Financial Group Inc. now owns 1,263,487 shares of the bank's stock worth $78,829,000 after purchasing an additional 55,473 shares during the period. JPMorgan Chase & Co. grew its position in shares of Ameris Bancorp by 30.7% in the 4th quarter. JPMorgan Chase & Co. now owns 952,058 shares of the bank's stock worth $59,570,000 after buying an additional 223,805 shares during the period. Charles Schwab Investment Management Inc. lifted its position in Ameris Bancorp by 1.1% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 917,396 shares of the bank's stock valued at $57,401,000 after acquiring an additional 10,256 shares during the period. Congress Asset Management Co. boosted its stake in Ameris Bancorp by 1.5% during the fourth quarter. Congress Asset Management Co. now owns 821,554 shares of the bank's stock worth $51,405,000 after acquiring an additional 12,216 shares in the last quarter. Finally, William Blair Investment Management LLC grew its holdings in Ameris Bancorp by 2.5% in the fourth quarter. William Blair Investment Management LLC now owns 789,271 shares of the bank's stock worth $49,385,000 after purchasing an additional 19,150 shares during the period. 91.64% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, insider Douglas D. Strange purchased 1,000 shares of the business's stock in a transaction on Wednesday, March 12th. The stock was acquired at an average cost of $56.95 per share, for a total transaction of $56,950.00. Following the purchase, the insider now directly owns 19,403 shares in the company, valued at $1,105,000.85. This trade represents a 5.43 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 5.50% of the company's stock.

Ameris Bancorp Stock Performance

Shares of ABCB stock traded up $0.18 during trading hours on Thursday, reaching $55.69. The company had a trading volume of 95,871 shares, compared to its average volume of 388,114. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.00 and a current ratio of 1.02. The business has a fifty day moving average price of $57.54 and a 200-day moving average price of $62.71. Ameris Bancorp has a one year low of $45.89 and a one year high of $74.56. The firm has a market cap of $3.85 billion, a PE ratio of 10.67 and a beta of 0.87.

Ameris Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, April 7th. Shareholders of record on Monday, March 31st were paid a dividend of $0.20 per share. The ex-dividend date of this dividend was Monday, March 31st. This represents a $0.80 dividend on an annualized basis and a yield of 1.44%. Ameris Bancorp's dividend payout ratio is presently 15.36%.

Analysts Set New Price Targets

Several research firms have recently issued reports on ABCB. Stephens reiterated an "equal weight" rating and set a $71.00 target price on shares of Ameris Bancorp in a report on Friday, January 31st. Raymond James reiterated an "outperform" rating and set a $71.00 price objective (up previously from $67.00) on shares of Ameris Bancorp in a research note on Monday, February 3rd. Piper Sandler initiated coverage on Ameris Bancorp in a research note on Friday, April 4th. They issued an "overweight" rating and a $74.00 target price on the stock. Finally, Piper Sandler Companies lifted their price target on Ameris Bancorp to $74.00 and gave the stock a "buy" rating in a research report on Monday, April 7th. Two analysts have rated the stock with a hold rating and six have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Ameris Bancorp presently has an average rating of "Moderate Buy" and an average target price of $73.43.

About Ameris Bancorp

Ameris Bancorp operates as the bank holding company for Ameris Bank that provides range of banking services to retail and commercial customers. It operates through five segments: Banking Division, Retail Mortgage Division, Warehouse Lending Division, SBA Division, and Premium Finance Division. The company offers commercial and retail checking, regular interest-bearing savings, money market, individual retirement, and certificates of deposit accounts.